Equinor and its partners have decided to invest NOK 9 billion (£746m) in the Halten East development area in Norway.
The area covers six gas and condensate discoveries, neighbouring the Asgard field in the Norwegian Sea.
Equinor, Var Energi, Petoro and Spirit Energy have jointly submitted plans to the Norwegian Ministry of Petroleum and Energy.
The partners estimate Halen East has recoverable reserves of around 100 million barrels of oil equivalent.
Halten East will be developed as a series of five subsea templates which will be tied back to Asgard infrastructure.
The first phase will see six wells drilled in 2024-2025, with the second phase beginning in 2029.
Production from the first two wells is scheduled for 2025.
Geir Tungesvik, executive vice president for projects, drilling and procurement, said: “Gas is an important energy carrier for Europe. Halten East utilises the existing gas infrastructure on the Norwegian continental shelf (NCS) and will add important volumes that will generate substantial value.
“The project is a good example of how Equinor works with partners and government authorities across production licences to find smart solutions for optimal resource exploitation from the NCS.”
More than 90% of investments for Halten East will go to suppliers resident in Norway, with 7 billion NOK (£581m) of contracts to be awarded.
Letters of intent have been signed with Technip FMC for pipeline installation and subsea structures and Aker Solutions for the subsea production system and umbilicals.
Other deals on drilling and associated services for Asgard B worth NOK 3.6 billion (£299m) have been done.
Equinor operates Halten East with a 57.7% stake, partnered with Petoro (5.9%), Var Energi (24.6%) and Spirit Energy (11.8%).
Halten East consists of the Gamma, Harepus, Flyndretind, Nona, Sigrid and Natalia discoveries.